Fifteen years after buying Reebok, Adidas is parting ways with the brand.

The sportswear giant announced today that it plans to sell or spin-off Reebok as part of a new five-year strategy. Reebok’s net sales fell 7% in the third quarter of 2020 and 44% the quarter prior.

Adidas bought Reebok for $3.8 billion in 2006, but the business is now said to be worth around $1.2 billion. Investors called for the release of Reebok after its consistently low numbers.

“Reebok and Adidas will be able to significantly better realize their growth potential independently of each other,” Adidas CEO Kasper Rorsted said.

Reebok could become a stand-alone public company or be sold to a private equity firm or retailer. Former NBA All-Star Baron Davis and hip-hop mogul Percy “Master P” Miller were reportedly in talks to purchase the company.

Adidas will present its five-year business plan on March 10. Reebok will begin reporting as a “discontinued operation” from the first quarter of 2021.

Once left for dead, the sports memorabilia market is seeing tremendous growth. 

Goldin Auctions, an eight year-old auction house for trading cards, athletic wear, and other sports collectibles, announced a $40 million fundraise led by The Chernin Group — which is taking a majority stake in the company.

The haul attracted big-name investors: Kevin Durant, Dwayne Wade, Mark Cuban, Bill Simmons, Logan Paul, YouTube co-founder Chad Hurley and a host of other athletes, executives and celebrities.

Interest in sports cards has exploded during the pandemic, as people look both for hobbies and solid stores of value amid economic uncertainty.

• In August, an autographed Mike Trout rookie card sold through Goldin Auctions for $3.94 million.
• Last month, a 1952 Topps Mickey Mantle card auctioned through a private sale for $5.2 million.

Goldin Auctions grossed over $100 million in 2020. The company oversaw more than $36 million in sales this past January, led by cards that span sports and generations from Patrick Mahomes to Michael Jordan.

New York’s sports gambling revenue rocketed in January, but remained a pittance compared to states that allow mobile gambling.

New York State saw its sports betting revenue jump to $3.57 million in January, a 43.4% increase over the previous month, and a 75.7% leap from January 2020. The figures come from four upstate casinos, where people may place wagers in person, and do not include tribal casino revenue.

• Despite the surge, New York’s numbers still pale in comparison to New Jersey, which brought in $6 billion in sports betting revenue in 2020. 
• Mobile sports betting, which is still illegal in New York, accounted for 92% of bets placed with sportsbooks in the Garden State.

New York Gov. Andrew Cuomo had previously opposed online gambling, but appears to be softening his stance.

The State Assembly is considering legislation that would allow casinos to partner with up to two online sports betting companies. The governor’s office is promoting competing legislation that would have mobile sports betting run directly by the state. 

Sports betting is gradually making its way through numerous state legislatures, including Arizona and Maryland. Texas Gov. Greg Abbott recently announced that he opposes legalizing the practice.